Charles Hoskinson Challenges Anyone to Break his ADA Wallet with $1M in it
Charles Hoskinson will put USD $1 million in ADA in a wallet and challenges the community to crack the code, unsplash padlock security.
To test the security of the new wallet, Lace, Hoskinson will leave funds at an address he will post on his Twitter account, this to see if someone can break the code and breach the security of the PGP system.
He challenges interested parties to break the code and take the funds.
Hoskinson has full confidence in PGP system
IOG (formerly IOHK) CEO and Cardano co-founder Charles Hoskinson said he will put the equivalent of $1 million in ADA to test the security of a very promising wallet that is about to hit the market.
As for Lace, according to official information published by the IOG team, it is a crypto multichain wallet with an easy and intuitive interface, which they envision will be a product that will allow the user to seamlessly connect to everything related to Web2 and Web3.
Lace's emphasis on security
Regarding the move announced by Hoskinson, IOG's chief executive said:
When... the Lace wallet starts supporting PGP encryption of paper wallets, I will take some ADA, probably a million dollars, put it in a PGP-encrypted paper wallet and post it publicly on my Twitter feed so they can try to break it. I have a lot of confidence in those standards. Master passwords, even if they are quite long, are just a dead standard and should no longer be used.
As Hoskinson indicated, the key aspect of the wallet will be the use of Pretty Good Privacy (PGP) encryption, which he believes should become the new standard in security.
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